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The Subject Matter by AML Penalties (www.amlpenalties.com) This week's Subject Matter is about the FinCEN Advisory concerning Kleptocracy and Foreign Public Corruption On Apr 14, 2022, the Financial Crimes Enforcement Network (FinCEN) issued an advisory on kleptocracy and foreign public corruption. The advisory urges financial institutions to focus their efforts on detecting the proceeds of foreign public corruption, a priority for the U.S. Government as it continues to implement the U.S. Strategy on countering corruption. The advisory provides typologies and potential indicators of kleptocracy and other forms of foreign public corruption, bribery, embezzlement, extortion, and the misappropriation of public assets. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates. #moneylaundering #compliance #antimoneylaundering #amlpenalties #subjectmatter #amlcft #financialcrime #corruption #bribery #kleptocracy #usa #beneficialownership #fincen
https://bit.ly/3xB6ZHe This week, we begin with an article that talks about the high costs associated with bad data & the steps that can be taken to utilize the power of machine learning to solve the issues. Next is an analysis that discusses the capabilities of Open Data for Social Impact Framework, developed by Microsoft. Then, we have a piece on the concerns regarding the issue of dark data that has become more prevalent due to the work-from-everywhere model. Following that, we have an essay about the applications of geospatial data in numerous industries & how the use of ML may help give simple, high-quality data for businesses and society to make informed decisions. Next, is an article describing the crucial role played by data quality, data trust, and bias detection for organizations to securely make decisions based on the data they gather. Lastly, we have a story on problems being faced by new-age enterprises in handling data through cloud databases and facing challenges like data portability.
This week we have 12 AML events involving 13 individuals and 10 entities, resulting in a total of USD 2,459 Mn penalties with incarcerations of 353 months. Notable events of the week include a total penalty of USD 1.83 Bn imposed by the U.S. District Court of Central District of California on 6 Southern California companies for international money laundering. Next, the Cyprus Bar Association had imposed fines ranging from USD 0.08 Mn to USD 0.85 on 4 law firms for breaching AML/CFT regulations. Finally, a fine of USD 3 Mn and imprisonment of 28 months were imposed on Joseph Campo by the U.S. District Court of Eastern District of Louisiana for money laundering. Finally, regarding regulatory updates, the AUSTRAC has released new guidance on selecting AML/CFT advisers. Also, the FinCEN has issued an advisory on kleptocracy and foreign public corruption, urging financial institutions to focus on detecting the proceeds of foreign public corruption. Click here https://bit.ly/3rCi9aL to read in detail about the week's top AML events, news, and regulatory updates.
Case Files by AML Penalties (www.amlpenalties.com) This week we highlight the case of Robert Foster, former Police Officer of the San Jose Police Department (SJPD), California, United States, who was sentenced to prison for money laundering and insurance fraud. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates.
Geospatial data combines information from a database with information from a place, such as a region, street, or census block. It allows you to simulate the actual world in real time. With the discovery that geospatial data can provide new levels of insight and information, geospatial data is now used in almost every market and institution around the globe. It has become a critical component of how organizations throughout the world run their operations. This growth suggests that including geospatial data into any data collection or analysis endeavour is advantageous. The global geospatial analytics market size was valued at $60.94 billion in 2020, & is projected to reach $209.47 billion by 2030, at a CAGR of 13.0% during forecast period. In this week’s Know Your Data {KYD}, we present you with a brief overview of geospatial data.
This week's Subject Matter is about the Registers Of Beneficial Ownership - House of Commons Library, United Kingdom The House of Commons Library of the United Kingdom Parliament published a research briefing document on how registers of beneficial ownership (BO) are developing in the UK and other countries. When a regulator or an official registrar collects and collates BO information in one place, it creates a central register. The report also discussed how all British Overseas Territories and Crown Dependencies already have or will introduce BO registers. The UK maintains or intends to maintain central registers of BOs for three types of assets: companies, properties and land, and trusts. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates.
The Global Music Report 2022 by IFPI gives an insight into the global music market in 2021 including the most popular artists & best sellers, top charts, and region-wise overview. Revenues from recorded music hit $25.9 billion in 2021, up 18.5% from 2020 and the highest level this millennium. According to the report, this expansion is fuelled by record labels' efforts and investments in developing music markets throughout the world, promoting local artists and genres, and linking them to a worldwide audience. Streaming proved to be a crucial driver and the dominating format internationally for the eighth year in a row, expanding in every region. This week’s OSIN {One Story In Numbers} represents the global recorded music industry revenues 2010–2021.
This fortnight we have 14 regulatory documents from 08 jurisdictions, mainly applicable to the sanctions, virtual assets, and AML/CFT Compliance. There is a special mention of Russian sanctions in the wake of the prevailing situation of war between Russia & Ukraine drew significant international criticism and has resulted in the imposition of sanctions against Russia by various countries around the world. The recent regulations are the Autonomous Sanctions (Export Sanctioned Goods - Russia) Amendment (No. 1) Designation 2022; The Russia (Sanctions) (EU Exit) (Amendment) (No. 7) Regulations 2022. Notable regulations include Proposal For A Regulation Of The European Parliament On Transfers Of Funds Of Certain Crypto-Assets (Recast); The Money Laundering And Terrorist Financing (High-Risk Countries) (Amendment) Regulations 2022, United Kingdom; UK FCA Strategy, 2022 - 2025; Registers Of Beneficial Ownership; Notification Of Engaging In Crypto-Related Activities. Click here https://bit.ly/3E3HzTE to read in detail about the recent regulatory updates.
This week we have 16 AML events involving 40 individuals and 2 entities, resulting in a total of USD 2 Mn penalties with incarcerations of 2,150 months. Notable events of the week include a fine of USD 0.05 imposed on Equitise Pty Ltd. for failing to file AML/CFT reports for 2 consecutive years. Next, is a fine of USD 0.01 Mn and 396 months imprisonment being imposed on Hafiz Muhammad Saeed. Finally, the Reserve Bank of India imposed USD 0.12 Mn penalty on Axis Bank for non-compliance with KYC regulations. Finally, regarding regulatory updates, the Government of Australia introduced The Autonomous Sanctions (Export Sanctioned Goods - Russia) Amendment (No. 1) Designation 2022, new legislation that designated certain luxury goods as export-sanctioned goods for Russia. Also, the FIAU-Malta has published a guidance document on Money Laundering Reporting Officer (MLRO) to support subject persons in their understanding of the role of the MLRO and related matters. Click here https://bit.ly/38IHSb1 to read in detail about the week's top AML events, news, and regulatory updates.
https://bit.ly/3O57zTa This week, we begin with an article discussing the new data governance framework by the Indian government to harmonize data management within the larger government ecosystem. Next is a piece regarding the challenges of data lake being turned into a data swamp & how various solutions including data mesh can solve the issues. Then, we have a story on the launch of a new quantum-safe system, IBM z16 by IBM, to help protect data and systems against current & future threats. Following that, we have an interview with Tim Minahan, executive VC of business strategy at Citrix, about the hybrid work environment & how DaaS solutions may assist solve difficulties by offering unified, secure & reliable access to the apps & data that employees need. Next, is an analysis of the benefits of open banking for financial institutions & their customers pointed out by a McKinsey report and certain recommendations by Forbes to deal with privacy norms. Lastly, we have an essay on the rise of cyberattacks & types of threats that they pose along with the available insurance solutions.
